MediaZest PLC (LON:MDZ), the in-store audio-visual kit provider, has conditionally raised £110,000 through a placing of shares at 0.1p each.
The company said it had decided to boost its balance sheet and add to working capital as it is seeing evidence retailers slowing or deferring investment decisions.
READ: MediaZest surges as it swings to profit in first half on improved revenues and margins
The company added that it is taking on larger projects these days and while this is a positive development it does put extra strain on working capital.
Lance O’Neill, the company’s chairman, has subscribed for 10mln of the new shares.
Shares in MediaZest were down 9.1% at 0.091p in early trades.